Many years ago, marketing departments were only involved at the end of the new product process. Their task was to simply promote the new product. However, this situation has changed somewhat. Your task is to review the following list of new product development tasks and evaluate whether or not the marketing function would be involved.
- Establishing the overall new product strategy for the firm?
- Identifying which broad types of new products might best fit with the firm’s strategic direction?
- Coming up with specific new product ideas?
- Helping design the product (i.e. choosing its attributes)?
- Determining whether there is a consumer need for the product?
- Conducting market research to determine whether consumers will buy?
- Analyzing competitor’s current and potential products?
- Helping to develop the financial evaluation (i.e. profit/loss)?
- Presenting to management on whether to develop the product?
- Running the actual project team?
- Undertaking test marketing programs before the launch?
- Developing the ads, sales promotions, and various launch events?
- Organizing staff training, staff bonuses, and ongoing staff communication?
- Monitoring the success of the product’s launch?
- Organizing a celebration party for all staff involved in the final success of the new product?
- Review the above list of tasks. Which ones would you expect marketing to be involved in? (Use the scale of: very likely, somewhat likely, unlikely.)
- From your evaluation in Q1, what is the earliest stage of the new product process that you would expect to see marketing involved?
- What risks could there be for firms that tend to operate their new product process with limited marketing function involvement?